To achieve this goal, the Egyptian government has launched a new approach that provides financial allowances linked to targets in strategically important and competitive industrial sectors. This is reported by
Daily News Egypt, a partner of TV BRICS.

Egyptian Finance Minister Mohamed Maait mentioned the launch of a national programme for the production of environmentally friendly cars. Under this programme, protocols will be concluded with seven companies that will receive benefits such as reduced customs duties and financial allowances.

These measures aim to strengthen the budget of the environmentally friendly cars industry fund worth 500 million Egyptian pounds, contributing to the development of local car assembly, reducing import costs and deepening private sector participation.

He stressed the government’s commitment to development in industry, including the expansion of the “golden licence”, through which investors receive a single permit to set up and operate projects in several vital sectors.

“Golden licence” is a mechanism to grant investors permission to buy or lease land and run projects without prior approval from government agencies.

Maait also emphasised that one of the supporting incentives for the national industry is that goods or services exported by projects in special economic zones are taxed at zero rate.

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